Great Lakes Dredge & Dock Corporation today reported financial results for the quarter ended March 31, 2016.
For the three months ended March 31, 2016, Great Lakes reported revenue of $163.1 million, net loss of $4.0 million and Adjusted EBITDA of $13.0 million.
“The Company’s first quarter 2016 results were driven by the domestic dredging business, including strong performances on several coastal protection and capital projects. Compared to the first quarter of 2015, the environmental and infrastructure (E&I) segment’s performance significantly improved, though still at a loss due to the seasonality of the business, ” said Chief Executive Officer Jonathan Berger.
“The improvement was driven by the resolution of certain claims and change orders and project losses in 2015 that did not reoccur, somewhat offset by a new project loss.
“Within our E&I segment, we will continue to take meaningful measures that will be transformative for the business, including making cost reductions to align the organization with its expected revenue. We firmly believe that 2016 will be a year of marked improvement for this segment.”
First Quarter 2016 Highlights
Dredging
Total Company